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that's interesting. seems to be a common theme in these answers, that an MBA = middle management forever. I always looked at them as a potentially good way to u

by volkk 4y ago

that's interesting. seems to be a common theme in these answers, that an MBA = middle management forever. I always looked at them as a potentially good way to understand how to run a business successfully. aside from just plunging myself into the depths, shouldn't i be somewhat prepared and smart about what it's like to think about company finances? or are people literally just doing and failing and learning on the job? seems very costly?

legitster 4y ago
Usually people take baby steps. Getting a business license as a solo practitioner costs $40 in my state. If you need to hire your first employee, your state likely has some simple instructions on how to do so. And if you can hire an employee, you can also pay for an accountant to help you with payroll, file taxes, etc. This is how, like, 90% of small businesses in America get started. Your average restaurant owner never went to business school. If you are not incorporated, business finances are pretty understandable. If you really want to go big to start out, you can look at a service like Stripe Atlas that should walk you through incorporation. I'm not saying business school is a waste of time. But if you are motivated and already know what you want to do, you can learn all the same things faster and cheaper by just getting started.
HeyLaughingBoy 4y ago
At least in the US, the cost to start a business is chickenfeed. If you do business under your own name, e.g., as an artist or a consultant you can probably start today at no charge. The IRS only cares that you fill out a Schedule C at tax time. If you want to have a business name, it can cost a bit more, but typically less than $100. Change your legal structure? In my state it cost me, IIRC, about $150 to file the paperwork for an LLC and my accountant charges an extra $100/year to do my taxes. The IRS has a lot of online information on starting a business, but it's buried in multiple documents. The best overall guide I know of is Publication 334: https://www.irs.gov/publications/p334 https://www.irs.gov/publications/p334 I think it's a matter of personality. Some people want everything analyzed before they start, but I'm not much of a planner. I just jump in and see how the water feels.

by volkk 4y ago

legitster 4y ago

Usually people take baby steps. Getting a business license as a solo practitioner costs $40 in my state. If you need to hire your first employee, your state likely has some simple instructions on how to do so. And if you can hire an employee, you can also pay for an accountant to help you with payroll, file taxes, etc. This is how, like, 90% of small businesses in America get started. Your average restaurant owner never went to business school. If you are not incorporated, business finances are pretty understandable. If you really want to go big to start out, you can look at a service like Stripe Atlas that should walk you through incorporation. I'm not saying business school is a waste of time. But if you are motivated and already know what you want to do, you can learn all the same things faster and cheaper by just getting started.

HeyLaughingBoy 4y ago

At least in the US, the cost to start a business is chickenfeed. If you do business under your own name, e.g., as an artist or a consultant you can probably start today at no charge. The IRS only cares that you fill out a Schedule C at tax time. If you want to have a business name, it can cost a bit more, but typically less than $100. Change your legal structure? In my state it cost me, IIRC, about $150 to file the paperwork for an LLC and my accountant charges an extra $100/year to do my taxes. The IRS has a lot of online information on starting a business, but it's buried in multiple documents. The best overall guide I know of is Publication 334: https://www.irs.gov/publications/p334 https://www.irs.gov/publications/p334 I think it's a matter of personality. Some people want everything analyzed before they start, but I'm not much of a planner. I just jump in and see how the water feels.